Annual sales of 20 billion KRW, over 70 local new hires, 2200% sales growth in 2 years, development and distribution of 12 potato varieties — these are the achievements of young CEO Lee Miso of the agricultural corporation ‘Bat’.
Lee Miso, who majored in design and was an ordinary office worker in Seoul, started the business at her father’s encouragement, who had been farming potatoes in Chuncheon. No one wanted to farm potatoes, so she was asked to try. Her first task in 2016 was selling about 150 million KRW worth of potato stock. After the birth of a convenient meal using potato powder called ‘Yebbo Bora’, followed by the cafe ‘Gamjabat’, the signature menu ‘potato bread’ was created in 2020.
Though four years have passed since its launch, potato bread remains popular. In May last year, three crew members set a record of 20 million KRW in daily sales at Lotte Department Store Ulsan branch. CEO Lee credits the popularity of potato bread to its ‘cuteness’ and ‘authenticity.’ The cute potato bread character and the fact that it contains 27% domestic potatoes preserve the original taste of potatoes. Instead of cheap potato powder or flour, tapioca starch and rice flour are used to make the crust chewy, and the recipe has never been changed, which Lee also considers part of the authenticity.
Dreaming to be a ‘company where farming becomes a dream’ and the ‘world’s No.1 agricultural corporation,’ Lee says she wants to grow Bat into a long-lasting company like Coca-Cola. She aims to create a company where employees want to stay long. Lee Miso, recognized by Women News as a ‘2030 female entrepreneur who will change the world,’ shared her story with us.
- How do you feel about being recognized as a ‘2030 female entrepreneur who will change the world’?
I feel honored. As someone who believes many female entrepreneurs should emerge, I feel the weight of responsibility and want to do well. I think it is encouragement to do better.
- Potato bread has remained popular four years after its release. What is the secret?
I believe it is because it is cute, fun, and above all, authentic. We created a potato-shaped character, and the bread contains a whole potato. Potato bread is 27% potato. Some strawberry breads claim to have 2-3% strawberries, but 27% is a lot. We have never changed the recipe and maintained consistency, which people appreciate.
- After the success of potato bread, many products using local specialties have followed, but sustaining success is difficult. Any advice?
There are many reasons, but I think Korea has a low barrier against copying. In the US or Japan, copying is seen as lacking pride and competitiveness, but in Korea, people tend to immediately imitate successful products. For example, when Dubai chocolate became popular, everyone copied it and lost its distinctiveness. I want to show that success comes from keeping your own unique identity. As a senior company, I hope many will continue to maintain their uniqueness, showing that local products can compete on the global stage.
- We heard you aim to be a ‘company where farming becomes a dream.’ What inspired this?
Designers, developers, and teachers often say their job is a dream, but few say ‘farmer.’ My father farms potatoes, and although agriculture is valuable, farmers are often stereotyped as poor and needing help. I want to change this perception.
A rural studies PhD said the biggest problem of rural areas is population outflow, but the only time population increased was when cabbage prices skyrocketed. When people became wealthy locally, youths came back, thinking ‘maybe money can be made here.’ Money is essential to attract young people, create competition, and foster development. It’s unfortunate this is still lacking.
- What would you say is the key to your business success?
I think quick execution helped the most. For example, when we decided to go global, I had no clue what to do (laughs). We thought of the US as the world’s largest market, and within that, New York. None of my team had been there, so we went with six crew members and boldly applied for two booths at the New York Fancy Food Show, spending about 100 million KRW. I’ve been to the US three times and Japan eight times last year, and once you go, the path opens. If we tried to prepare perfectly, we wouldn’t have gone. I truly believe in ‘seeing once is better than hearing a hundred times.’ But we still prepare as much as possible and go with a mindset of learning from mistakes.
- As a young female CEO, do you face industry challenges?
Not particularly. But sometimes people don’t see me as a businesswoman. They ask questions assuming ‘what could a young woman know?’ It’s a double-edged sword, but I think it can be an advantage.
The downside is lack of solidarity. The mainstream is mostly men in their 40s and 50s who are comfortable networking among themselves. Female entrepreneurs are fewer, so there are fewer people to connect with. I believe there are differences between female and male leadership, and I hope female leadership becomes more widespread.
- Although legal gender discrimination has diminished, significantly fewer women aspire to be CEOs compared to men. Why do you think, and what is the solution?
There are many male founders, but in prospective entrepreneur groups, women are more numerous, though many quit, possibly due to marriage and childcare. One solution could be addressing stereotypes by sharing many female entrepreneur stories during adolescence.
- Can you share any company welfare you are proud of amid low birth rates and work-family balance issues?
Nothing extraordinary, but many use parental leave and return. I’d say about 80-100% do. Of course, there is pressure due to the absence, but having children is a big event and should not be stopped. We hire short-term contract workers to cover, adjust roles for returning employees, and improve internal systems. Watching employees’ children grow gives me pride in our company.
- Any advice for aspiring entrepreneurs?
I advise caution with those who claim they ‘know everything.’ Early on, I would say ‘try and fail a lot,’ but now that I’m in my 10th year, I value people who speak with conviction. Beware of those who say ‘I tried and it won’t work’ or ‘this must be done this way.’ Big business people often admit they don’t know much and ask good questions. I try not to be that person.
- What are your future plans?
We exceeded 20 billion KRW in domestic sales and are expanding overseas. We currently sell mainly in parts of LA in the US and will open a pop-up store at Isetan Department Store in Japan this April. After verifying global market growth for two years, we expect visible results this year.
Long term, I want to build a company lasting 100 years like Coca-Cola. I started as a sole proprietor 11 years ago, and the corporation is now five years old, like a five-year-old child. My goal is for a company that started locally to thrive globally for a long time. Internally, I want a fun and stable workplace for employees. Many challenges lie ahead, but I plan to tackle them one by one.
Source: Women News (https://www.womennews.co.kr)
Annual sales of 20 billion KRW, over 70 local new hires, 2200% sales growth in 2 years, development and distribution of 12 potato varieties — these are the achievements of young CEO Lee Miso of the agricultural corporation ‘Bat’.
Lee Miso, who majored in design and was an ordinary office worker in Seoul, started the business at her father’s encouragement, who had been farming potatoes in Chuncheon. No one wanted to farm potatoes, so she was asked to try. Her first task in 2016 was selling about 150 million KRW worth of potato stock. After the birth of a convenient meal using potato powder called ‘Yebbo Bora’, followed by the cafe ‘Gamjabat’, the signature menu ‘potato bread’ was created in 2020.
Though four years have passed since its launch, potato bread remains popular. In May last year, three crew members set a record of 20 million KRW in daily sales at Lotte Department Store Ulsan branch. CEO Lee credits the popularity of potato bread to its ‘cuteness’ and ‘authenticity.’ The cute potato bread character and the fact that it contains 27% domestic potatoes preserve the original taste of potatoes. Instead of cheap potato powder or flour, tapioca starch and rice flour are used to make the crust chewy, and the recipe has never been changed, which Lee also considers part of the authenticity.
Dreaming to be a ‘company where farming becomes a dream’ and the ‘world’s No.1 agricultural corporation,’ Lee says she wants to grow Bat into a long-lasting company like Coca-Cola. She aims to create a company where employees want to stay long. Lee Miso, recognized by Women News as a ‘2030 female entrepreneur who will change the world,’ shared her story with us.
- How do you feel about being recognized as a ‘2030 female entrepreneur who will change the world’?
I feel honored. As someone who believes many female entrepreneurs should emerge, I feel the weight of responsibility and want to do well. I think it is encouragement to do better.
- Potato bread has remained popular four years after its release. What is the secret?
I believe it is because it is cute, fun, and above all, authentic. We created a potato-shaped character, and the bread contains a whole potato. Potato bread is 27% potato. Some strawberry breads claim to have 2-3% strawberries, but 27% is a lot. We have never changed the recipe and maintained consistency, which people appreciate.
- After the success of potato bread, many products using local specialties have followed, but sustaining success is difficult. Any advice?
There are many reasons, but I think Korea has a low barrier against copying. In the US or Japan, copying is seen as lacking pride and competitiveness, but in Korea, people tend to immediately imitate successful products. For example, when Dubai chocolate became popular, everyone copied it and lost its distinctiveness. I want to show that success comes from keeping your own unique identity. As a senior company, I hope many will continue to maintain their uniqueness, showing that local products can compete on the global stage.
- We heard you aim to be a ‘company where farming becomes a dream.’ What inspired this?
Designers, developers, and teachers often say their job is a dream, but few say ‘farmer.’ My father farms potatoes, and although agriculture is valuable, farmers are often stereotyped as poor and needing help. I want to change this perception.
A rural studies PhD said the biggest problem of rural areas is population outflow, but the only time population increased was when cabbage prices skyrocketed. When people became wealthy locally, youths came back, thinking ‘maybe money can be made here.’ Money is essential to attract young people, create competition, and foster development. It’s unfortunate this is still lacking.
- What would you say is the key to your business success?
I think quick execution helped the most. For example, when we decided to go global, I had no clue what to do (laughs). We thought of the US as the world’s largest market, and within that, New York. None of my team had been there, so we went with six crew members and boldly applied for two booths at the New York Fancy Food Show, spending about 100 million KRW. I’ve been to the US three times and Japan eight times last year, and once you go, the path opens. If we tried to prepare perfectly, we wouldn’t have gone. I truly believe in ‘seeing once is better than hearing a hundred times.’ But we still prepare as much as possible and go with a mindset of learning from mistakes.
- As a young female CEO, do you face industry challenges?
Not particularly. But sometimes people don’t see me as a businesswoman. They ask questions assuming ‘what could a young woman know?’ It’s a double-edged sword, but I think it can be an advantage.
The downside is lack of solidarity. The mainstream is mostly men in their 40s and 50s who are comfortable networking among themselves. Female entrepreneurs are fewer, so there are fewer people to connect with. I believe there are differences between female and male leadership, and I hope female leadership becomes more widespread.
- Although legal gender discrimination has diminished, significantly fewer women aspire to be CEOs compared to men. Why do you think, and what is the solution?
There are many male founders, but in prospective entrepreneur groups, women are more numerous, though many quit, possibly due to marriage and childcare. One solution could be addressing stereotypes by sharing many female entrepreneur stories during adolescence.
- Can you share any company welfare you are proud of amid low birth rates and work-family balance issues?
Nothing extraordinary, but many use parental leave and return. I’d say about 80-100% do. Of course, there is pressure due to the absence, but having children is a big event and should not be stopped. We hire short-term contract workers to cover, adjust roles for returning employees, and improve internal systems. Watching employees’ children grow gives me pride in our company.
- Any advice for aspiring entrepreneurs?
I advise caution with those who claim they ‘know everything.’ Early on, I would say ‘try and fail a lot,’ but now that I’m in my 10th year, I value people who speak with conviction. Beware of those who say ‘I tried and it won’t work’ or ‘this must be done this way.’ Big business people often admit they don’t know much and ask good questions. I try not to be that person.
- What are your future plans?
We exceeded 20 billion KRW in domestic sales and are expanding overseas. We currently sell mainly in parts of LA in the US and will open a pop-up store at Isetan Department Store in Japan this April. After verifying global market growth for two years, we expect visible results this year.
Long term, I want to build a company lasting 100 years like Coca-Cola. I started as a sole proprietor 11 years ago, and the corporation is now five years old, like a five-year-old child. My goal is for a company that started locally to thrive globally for a long time. Internally, I want a fun and stable workplace for employees. Many challenges lie ahead, but I plan to tackle them one by one.
Source: Women News (https://www.womennews.co.kr)